Nashville Standard

United States Senator Bill Hagerty (R-TN), a member of the Senate Banking and Foreign Relations Committees, recently appeared on BloombergTV's "Balance of Power" to discuss various topics including Federal Reserve Chair Jerome Powell’s testimony, the Basel III Endgame, cryptocurrency policy under a potential second Trump administration, and the ongoing NATO conference in Washington, D.C.

Addressing potential interest rate cuts by the Federal Reserve, Hagerty stated: “I haven’t been calling for rate cuts at all. What I’ve been calling for is for the Fed to remain data driven.” He emphasized that political pressure should not influence the Fed’s decisions. “My colleagues from the other side of the aisle on the Democrat side have put immense pressure on him to cut rates ahead of the November election,” he added. Hagerty maintained that it is crucial for Chairman Powell to avoid any appearance of political bias to preserve credibility.

Hagerty further elaborated on this point by stressing that any action taken by the Fed should be supported by data. “The Fed Chair’s getting a lot of pressure right now that is political in nature, and I think he’s got to stick to his guns,” he said.

On the topic of Basel III Endgame regulations, Hagerty criticized recent proposals made by a new Vice Chair at the Federal Reserve Board. He argued that these proposals would have placed U.S. banks at a disadvantage globally. “Our banking system is one of our true sources of competitive advantage here in America,” he noted.

Discussing former President Donald Trump’s pro-cryptocurrency stance, Hagerty mentioned significant discussions with Trump about this industry. He highlighted crypto as an important issue in upcoming elections and criticized Democrats' approach towards centralization. “We see crypto as a defining issue in the election this November,” Hagerty remarked.

Regarding NATO and U.S.-ally relations, Hagerty conveyed strong support for collaborative efforts while emphasizing accountability among allies. He asserted: “America first does not mean America alone," and stressed that allies need to continue stepping up their investments in defense initiatives.

The senator's comments provide insight into key financial and geopolitical issues facing both domestic policy and international relations as they evolve leading up to future elections and global summits.